Balancing the scale of our success

As May 30 draws near, the national conversation is reaching a fever pitch. Having been part of the commercial and social fabric of this country for over 35 years, I’ve seen Malta through every cycle imaginable. I remember the late 1980s and 1990s, when we were just starting to modernise our vision, and I’ve watched that effort accelerate into the massive economic force we are today.

I am writing this in my personal capacity because I care about the home we’ve built. My message isn’t just for those who remember where we started from, but for our first-time voters and the younger generation. To you, the stability of today might seem like the ‘default’ setting, but it wasn’t an accident. It was built through a decisive economic direction. Prosperity is hard-won, and it must be protected.

When you head to the polls, I ask you to look at our nation like a weighing scale. We must balance our incredible achievements against the very real challenges that such success creates.

The numbers are breathtaking. In just over a decade, our GDP has shot up from roughly €7.6 billion to over €24 billion today. We haven’t just grown; we have tripled our economy in a decade. This isn’t just ‘economist talk’. It represents your earning power and your security. Look at our Household Savings Rate – it’s 19.4%, the third-highest in the EU. Even with global cost-of-living pressures, Maltese families have built a financial cushion that is the envy of Europe. 

This wealth was generated by the grit of our local shops and factories, alongside the global reach of our diverse sectors. Our economic strength is anchored by a robust tourism industry that serves as a primary pillar of our connectivity and international appeal. This is further bolstered by the sustained success of our gaming and maritime sectors, while our financial services and burgeoning tech hubs continue to provide critical layers of economic resilience and high-value employment.

But statesmanship means being honest about the other side of the scale. Growth at this speed brings us to a turning point. We have record employment and wealth and, to support it, we’ve seen massive investment: the overhaul of arterial roads, new green spaces and multi-million-euro projects to strengthen our power and water utilities.

Prosperity is hard-won and it must be protected- Philip Fenech

However, as I often say, these are ‘growing pains’ – the inevitable friction of an economy that has outpaced its old infrastructure. These pains need further management. They aren’t signs of decline but signs of a country that has grown faster than its old skin. The challenge for the next five years is ensuring public services stay ahead of our ambition.

We must shift from ‘building the engine’ to ‘steering the car’ – prioritising quality and higher yields for businesses rather than just chasing raw volume. Crucially, this new phase requires a commitment to greater accountability and transparency, ensuring that, as we manage this wealth, every project is executed with the integrity the Maltese public deserves.

​I’m not here to endorse a side but to advocate for the steady hand needed to manage this success. Your vote is the tool that decides how the scale is balanced. See the big picture. To the young voter, prosperity requires a proven track record to keep it moving.

Support the leadership that can create wealth and manage these growing pains for the long haul. To stay home is to let others decide which way the scales tip. Every vote counts in ensuring that Malta’s growth doesn’t just ‘happen’ to us but finally starts working for us.

Put everything on the scale – the prosperity we’ve won and the quality of life we are building – and vote for the leadership you believe can best manage the future of this island.

​Philip Fenech is writing in his personal capacity.